NUGENE INTERNATIONAL INC. (NUGN) PROVIDES SHAREHOLDER UPDATE AND ANNOUNCES CHANGE OF CONTROL

Rhea-AI Summary

NuGene International (NUGN) has completed a change in control with Livento Group, with CEO David Štýbr acquiring majority voting rights through the purchase of shares from Milan Hoffman. The company will shift its business focus to the film and television industry. Livento has existing contracts with production companies serving platforms like Netflix and Prime Video. Immediate plans include removing 'shell' status from OTC Markets and performing a full audit. David Štýbr aims to restore shareholder value and maximize the potential of NUGN, with Milan Hoffman assisting during the transition.

Positive

• Change in control to Livento Group is expected to enhance company direction.
• Redirecting focus to the film and television industry aligns with current market trends.
• Livento has contracts with major platforms like Netflix and Prime Video.

Negative

• Transition to a new business model involves inherent risks and uncertainties.
• Potential delay in removing 'shell' status on OTC Markets could impact operations.

CARSON CITY, Nev., March 17, 2022 /PRNewswire/ -- Publicly traded company NuGene International Inc. (OTC Pink: NUGN) announces the completion of a change in control with Livento Group LLC, a Delaware Corporation. David Štýbr, the CEO of Livento, acquired majority voting control in a private transaction through the purchase of 100 Super Voting Preferred A shares and 5 million Preferred C shares from Milan Hoffman, CEO of Emergent LLC. Livento Group LLC has confirmed a change of NUGN's business model, redirecting its focus to the film and television industry. Livento currently has contracts with a production company that produces films for Netflix and Prime Video, in addition to co-producing large budget films worldwide with top actors in the film industry. To date, they have produced and co-produced sixteen films on Netflix, the latest of which was released September 3^rd. 

As part of the transaction, David Štýbr has been appointed Sole Director and Milan Hoffman has resigned from her positions. "Our immediate focus in the coming weeks will be the removal of "shell" status on OTC Markets and the performance of a full audit," stated the new CEO. "Once these preliminary actions are complete, we will submit a form 10Q and proceed from there. We are currently in the process of completing the initial change of control information needed for OTC Markets," he added.

Milan Hoffman will be assisting with Livento's transition to the public markets for the next few months. "I'm beyond thrilled that we were able to find such an incredible CEO and team for NUGN. This will go a long way to restore shareholder value and may even surpass expectations," stated Milan Hoffman, CEO of Emergent LLC. "I am impressed with their management's experience and honored to be providing them with a public vehicle that will bring their vision to the next level. They have every resource and capability necessary to make NUGN realize its maximum potential."

Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Livento Group LLC believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Livento Group LLC is unable to give any assurance that its expectations will be attained. Factors or events that could cause actual results to differ may emerge, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About Emergent LLC:

Emergent LLC is a full-service business compliance firm. We strive to help our clients achieve the regulatory standard necessary for business restructuring and reverse mergers.
emergentcompliance@gmail.com
https://twitter.com/EmergentLlc

View original content:https://www.prnewswire.com/news-releases/nugene-international-inc-nugn-provides-shareholder-update-and-announces-change-of-control-301505062.html

SOURCE NuGene International Inc.

FAQ

What is the recent change in control at NuGene International (NUGN)?

NuGene International announced a change in control with Livento Group LLC, where David Štýbr acquired majority voting rights.

What is NuGene International's new business focus?

NuGene International is shifting its business model to focus on the film and television industry.

What are Livento Group's connections in the film industry?

Livento Group has contracts with production companies that produce films for Netflix and Prime Video.

What immediate actions will NuGene International take after the change in control?

The immediate focus includes removing 'shell' status from OTC Markets and conducting a full audit.